Starting a new business out of your home is a financially-savvy decision in many cases. Approximately 69 percent of entrepreneurs make the decision to base their startup out of their home, and for good reason. When you run a new business out of your house, you can save a tremendous amount of money on overhead. With substantial technology now available to facilitate a work-at-home environment, many entrepreneurs are not hindered in any way by running operations out of their house.
In fact, many of the most successful companies known around the world today were started at home. Just a few of these include Apple, Google, Amazon and Hewlett-Packard. As smart as it may be for you to launch a business from home, there may be some challenges to overcome. These helpful tips will guide you on a surer path towards success with your new home-based business.
Establish an Organized Work Area
Even through you are launching a business from home, you still need to have a professional, dedicated space to conduct your work activities. This should be a space that is free from distractions and that will not co-mingle with living activities for you and other occupants in the home. One idea is to remodel a spare room and to transform it into a functional home office space. This space ideally will hold all of your business equipment and furnishings. For example, you may need a computer, a printer, a copier, a landline phone, a desk, a work table, seating for clients, storage space, shelves and more.
Remember to also focus on the environment. For example, lighting and temperature can affect your productivity level and your ability to concentrate. As you remodel your space to create a home office, remember to focus on these important elements.
Create a Realistic and Practical Work Schedule
One of the many benefits associated with starting a business from home and being your own boss is the ability to have a flexible schedule. With a flexible schedule, you may be able to enjoy a better quality of life and better manage a work-life balance. However, this type of schedule may also lead to the likelihood of wasting time throughout the day. For example, you may be inclined to sit down in front of the TV for a quick break, but that break could easily extend for an hour or longer unintentionally.
To avoid wasting your valuable work time and to maximize productivity, it makes sense to create a schedule for your workday. Select a firm starting time as well as a finishing time. You can give yourself small breaks during the day, but most of your personal activities should be tackled outside of your work hours. There are some excellent time management and project management applications and programs that you can use to schedule your time as well as to monitor your breaks and non-work activities.
Some entrepreneurs try to handle every task associated with running and growing their business. This requires them to wear many hats and to try to be an expert in everything that they do. This essentially can pull your attention away from the tasks that you are truly good at and that require your personal attention. Some tasks may easily and successfully be outsourced to professionals. Because of their expertise, you may enjoy better results and be able to use your time more effectively in the process.
When you search for independent contractors or freelancers, look for individuals who have expertise in an area that you are weak at and who charge affordable rates for their services. An outsourcing relationship should ideally add value and help you to work more efficiently.
Connect with Others
It is easy to feel isolated and closed off when you work from home, but it can be detrimental to your efforts to seal yourself off. Reach out to other home-based business owners in different ways. These may be individuals in a related field that you may be able to work with professionally. It may be people in unrelated fields who you simply socialize with to get support as needed, get recommendations for service providers and more.
While there are online groups that you can join, try to find live support groups or networking groups as well. These could be professional groups and clubs, or the y could be informal groups that you pull together on your own and that grow over time. You can even use these groups to casually promote your products and services.
Choose Cost-Effective Marketing Strategies
Regardless of whether you run a home-based business or your base of operations is in a more professional environment, marketing is essential. However, you likely decided to launch your business from home at least partially to conserve funds. Understandably, you also want to conserve money on marketing without negatively affecting business profits and growth.
There are many cost-effective marketing options to consider, such as through social media, email marketing, cold calls, networking events in your local area and more. Remember to use your professional network to get the word out as well. You could spend a fortune on marketing, but a cost-effective campaign that is based on thoughtful, focused effort may have just as large of a return.
When you run your own business out of your home, you have the flexibility and freedom to manage your activities in any way you desire. While there are no hard and fast rules regarding most aspects of your operations, you can see that these tips can help you to remain as productive as possible while also bolstering your chances for success. As you move forward, keep these tips in mind.